Real Gains to Technological Innovations: Stock Market ...

UMD : Carhart’s Price-Momentum Factor that captures one-year momentum in . returns. εit is the disturbance term. αi, β1i, β2i, β3i, and β4i, and σ2 are the parameters of the model to be estimated. The risk-free rate represents the interest that one expects from a risk-free investment over a specified period of time. ................
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